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Explaining Ourselves: Jefferies

So, we have very recently been a buyer of Jefferies (JEF: NYSE) stock, which anyone following the financial headlines would know has been pummeled in recent months. It was during this evisceration that we took our initial position…and then bought […]

CSC Strategy Letter | Number 3 | Occupy Yahoo

Download Cove Street Capital’s November 2011 Strategy Letter Number 3, “Occupy Yahoo”

Earnings Per Share Myopia

By Ben Claremon Welcome to earnings season and the barrage of company press releases and conference calls. Securities analysts all over the country currently have their noses buried in 8-K’s and 10-Q’s, hoping to get a sense of company-specific and […]

Terrific Value – Long Road

SEI Investments _________________________________________________ The opinions expressed herein are those of Cove Street Capital are subject to change without notice. Past performance is not a guarantee or indicator of future results. You should not consider the information in this blog a […]

Interpreting Performance Attribution

Old Ideas that Require Repeating in Regard to Hiring a Money Manager

In Memory of Steve Jobs

This is a prepared text of the Commencement address delivered by Steve Jobs, CEO of Apple Computer and of Pixar Animation Studios, on June 12, 2005. Reprinted from the Stanford Report. I am honored to be with you today at […]

The VIX World of Difference

The VIX is the Chicago Board of Options (CBOE) Volatility Index and regardless of what it was intended to do, what it does do is offer a measure of investor fear and loathing. The higher the number, the more the […]

In a Zero Hedge World, Investors Must Stay Nimble

by Ben Claremon All European banks are insolvent! Germany is going to leave the Euro! The US is going to default on its debt obligations! Any investor who has spent time trolling the internet—especially the blogosphere—or listening to talking heads […]

Data Mining: The Gift and the Curse

by Eugene Robin Reading over some of the “doomsday” commentary in the financial blogosphere, it sometimes appears as if graphs posted by some of the authors are poignant and relevant to the here and now. As the above graph indicates […]

Do I Detect a Hint of Optimism?

To counter the rumor that I am incapable of ceding the pen, I present Ben Claremon, Cove Street analyst, aka The Inoculated Investor.  – Jeffrey Bronchick, CFA   ——Do I Detect a Hint of Optimism?————————————————————– By Ben Claremon I am […]

CSC Strategy Letter | Number 2 | The Slow Investment Movement

Download Cove Street Capital’s August 2011 Strategy Letter Number 2 “The Slow Investment Movement”

Atlas Shrugged

Federal Reserve Chairman Ben Bernanke’s speech in Jackson Hole today was notable for what it did not contain—a big silly and asset levitating QE3 program—although he did leave that possibility open: “In addition to refining our forward guidance, the Federal […]

But This CEO Goes to 11

Many things can aggravate an investor in a very cheap stock. This one is particularly irking. Leo Apotheker, the “9 month old” CEO of Hewlett Packard, for reasons unbeknownst to those rationally running public companies, participated in the following dialogue […]

The World’s Richest Hypocrite

It seems hard to reconcile this piece by Warren Buffett with the fact that he is engaged in possibly the largest tax-free transfer of wealth in the history of modern mankind.

The Simple Life of Cash

It does take some creativity and high IQ for many to justify “2 & 20.” I also think a Mrs. Montier might insist on a better picture.  Click here to read more.

Steve Wynn Leading the Charge

How rare is it for a visible corporate leader to speak publicly on anything but their latest green initiative? ——July 2011 Conference Call————————————————————————- I believe in Las Vegas. I think its best days are ahead of it. But I’m afraid […]

Another priceless quote coming out of the European Crisis

“If the European Union could monetise the value of the credibility it has destroyed it would be the richest organisation on earth,” said one major credit manager. From The Telegraph

It’s OK for Us to Quote Bond Managers

To the best of my knowledge, Van Hoisington and Lacy Hunt have been long 30 year Treasury strips since I started in this business in 1984 and the record has been ridiculously good in a cheerily volatile way. This is […]

The Crowd Around Rising Rates

Bianco Research Comment: “Since December 2002 Bloomberg has conducted 99 monthly surveys. Of these, an incredible 95 surveys (96%) have forecasted higher rates. To repeat, only four times since 2002 (4%) have economists been forecasting lower rates. Those instances are […]

CSC Strategy Letter | Number 1 | Volume 1, Issue 1

Download Cove Street Capital’s July 2011 Investment Strategy Letter Number 1, “Volume 1, Issue 1”

European Spade Work

The Cove Street Team remains confident we will see a European Vacation at an acceptable exchange rate. A nice paid clip from the FT:  ——S&P: Calling a Spade a Spade——————————————————————- Be careful what you wish for. Those European politicians who […]

Yahoo and Jack Ma

Only somewhat facetiously, I wonder out-loud why Jack Ma was not arrested at the US border last week when he spoke at The Wall Street Journal’s All Things Digital Conference. On a massive and very public scale, he is conveying […]

Thank you Mr. Dimon

At what was surely a suave gathering of banking officials in Atlanta on June 7th, this exchange was noted between Morgan’s Jaime Dimon and Fed Chief Ben Bernanke. The answer should scare you. Mr. Dimon: Y’know, I have this, totally, […]

The opinions expressed herein are those of Cove Street Capital and are subject to change without notice. Past performance is not a guarantee or indicator of future results. You should not consider the information in this blog a recommendation to buy or sell any particular security. These securities may not be in your account by the time you receive this report, or may have been repurchased for your account. You should not assume that any of the securities discussed in this report are or will be profitable, or that recommendations we make in the future will be profitable or equal the performance of the securities listed in this report. Recommendations made for the last twelve months are available upon request. Cove Street Capital is an investment advisor registered with the Securities and Exchange Commission. Consider the investment objectives, risks, and expenses before investing.